Non-fungible tokens (NFTs) continue to take the world by storm, as indicated by the March 16 announcement that Sotheby’s will be stepping into the NFT game by facilitating the sale of tokenized art by anonymous artist “Pak”.
The latest cryptocurrency project to get a boost from NFT-related activities is Everipedia (IQ), a blockchain-based encyclopedia that has a vision of “creating a world where all knowledge is available to all”.
The Everipedia ecosystem also includes PredIQt, a decentralized knowledge base and DeFi platform that includes a prediction market where users can make predictions about future market events and earn cryptocurrency for making successful predictions.
Data from Cointelegraph Markets and TradingView show that the price of IQ has risen 400% over the past week, from a low of $ 0.00781 on March 8 to a high of $ 0.039 on March 16, its highest price since over two years.
Everipedia sees itself as the next generation encyclopedia, redesigned for the modern age, and the project has grown into the largest English encyclopedia in the world in just a few years.
NFT artwork draws attention to Everipedia
Preparations for Tuesday’s price hike began on March 3, when the Associated Press announced it was going to auction an NFT created in partnership with Everipedia using data the AP published on Ethereum with Everipedia OraQle Tech .
The Associated Press is auctioning its first #NFT artwork on @opensea to commemorate the 2020 presidential call on the blockchain.
In the future, every historical event in the chain will be called up and archived with NFTs.https: //t.co/QkmcXN7hc5
– Everipedia (@Everipedia) March 3, 2021
After an initial spike in trading volume following the announcement, the promotion for IQ was suspended until the close of the auction on March 10, which resulted in a winning bid of 100 ethers, which was approximately $ 180,000 at the time of the offer.
As part of the tweet announcing the winning bid, the AP stated, “Stay tuned for more AP-Everipedia NFT collabs!” Shortly after that announcement, IQ’s trading volume rose from $ 3 million to a further increase in trading volume which increased from $ 3 million to $ 252 million.
It remains to be seen what the Everipedia team has in store to capitalize on its newfound attention. However, developments related to NFTs and decentralized finance show that the project understands the value and customer app of the two hottest trends in the cryptocurrency sector.
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